HC Wainwright Has Bearish Forecast for ADVM FY2024 Earnings

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) – Investment analysts at HC Wainwright decreased their FY2024 earnings per share estimates for Adverum Biotechnologies in a report issued on Tuesday, November 5th. HC Wainwright analyst M. Caufield now forecasts that the biotechnology company will earn ($5.04) per share for the year, down from their previous estimate of ($4.97). HC Wainwright currently has a “Buy” rating and a $30.00 target price on the stock. The consensus estimate for Adverum Biotechnologies’ current full-year earnings is ($4.64) per share. HC Wainwright also issued estimates for Adverum Biotechnologies’ Q4 2024 earnings at ($1.40) EPS, FY2025 earnings at ($5.59) EPS, FY2026 earnings at ($6.55) EPS, FY2027 earnings at ($7.18) EPS and FY2028 earnings at ($6.38) EPS.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings data on Monday, November 4th. The biotechnology company reported ($1.30) EPS for the quarter, missing analysts’ consensus estimates of ($1.20) by ($0.10). The business had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $0.50 million.

Several other research analysts also recently issued reports on the company. Royal Bank of Canada reduced their price objective on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a report on Tuesday. StockNews.com lowered Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Wednesday. Chardan Capital upped their target price on shares of Adverum Biotechnologies from $4.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Finally, Truist Financial lowered their price target on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company. According to MarketBeat, Adverum Biotechnologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.83.

Adverum Biotechnologies Price Performance

ADVM opened at $7.90 on Thursday. The company’s 50 day simple moving average is $7.40 and its 200-day simple moving average is $7.72. Adverum Biotechnologies has a one year low of $6.38 and a one year high of $29.70.

Institutional Trading of Adverum Biotechnologies

A number of hedge funds have recently modified their holdings of the company. SG Americas Securities LLC bought a new stake in shares of Adverum Biotechnologies in the 3rd quarter valued at $74,000. Rhumbline Advisers lifted its holdings in Adverum Biotechnologies by 10,419.1% during the second quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock worth $211,000 after acquiring an additional 30,528 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in Adverum Biotechnologies in the second quarter valued at about $443,000. Squarepoint Ops LLC increased its holdings in shares of Adverum Biotechnologies by 301.1% in the second quarter. Squarepoint Ops LLC now owns 108,978 shares of the biotechnology company’s stock worth $748,000 after acquiring an additional 81,808 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of Adverum Biotechnologies by 2.4% during the second quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company’s stock worth $935,000 after purchasing an additional 3,169 shares during the period. 48.17% of the stock is currently owned by institutional investors and hedge funds.

About Adverum Biotechnologies

Adverum Biotechnologies, Inc, a clinical-stage company, develops gene therapy product candidates to treat ocular diseases. Its lead product candidate is ixoberogene soroparvovec (ADVM-022), a single intravitreal injection gene therapy candidate used for the treatment of patients with wet age-related macular degeneration and diabetic macular edema which is in phase 2 clinical trials.